The Moving Average Convergence Divergence (MACD) indicator is almost an alternative to moving averages . MACD crossovers (MACD line / Signal Line) can be a signal to enter or exit trades. Whether the MACD indicator is above or below the zero line can be used as a reason to be in or out of the trend.
The combination of MACD with Elliott is used to distinguish the end of corrective Elliott wave arrays in ABC correction (three waves) and also MACD helps you to identify the end of third waves. An outrageous reading on the MACD will relate to the wave three cap.
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